Middle class wages for full timers - at 1978 levels.

Discussion in 'Economy' started by iamwhatiseem, Oct 3, 2011.

  1. iamwhatiseem
    Offline

    iamwhatiseem Gold Member

    Joined:
    Aug 19, 2010
    Messages:
    14,833
    Thanks Received:
    3,114
    Trophy Points:
    280
    Location:
    Virginia
    Ratings:
    +6,128
    Household income fell last quarter by the most in years.
    Today - household income is precisely where it was in 1996 - 15 years ago.
    Adjusting for inflation a man working full time today is earning less than he would have in 1978....33 years ago.

    Household Income Falls, Poverty Rate Rises - WSJ.com
     
    • Thank You! Thank You! x 1
  2. CrusaderFrank
    Offline

    CrusaderFrank Diamond Member

    Joined:
    May 20, 2009
    Messages:
    81,277
    Thanks Received:
    14,924
    Trophy Points:
    2,210
    Ratings:
    +37,090
    The end result of the implementation of Progressive Economic Theory. Four more years of Obama that there will no longer be a middle class
     
  3. Dragon
    Offline

    Dragon Senior Member

    Joined:
    Sep 16, 2011
    Messages:
    5,481
    Thanks Received:
    578
    Trophy Points:
    48
    Ratings:
    +579
    Oh, please. Progressive economic theory was implemented from the late 1930s until 1981. Right-wing economic theory has been implemented since then, and Obama has certainly not succeeded in reversing that, if he's even tried, which I would dispute.

    It's not progressive economic theory that's gotten us into this mess. Progressive economic theory, decades ago when we actually used it, gave us the most prosperous period in our nation's history.
     
  4. bigrebnc1775
    Offline

    bigrebnc1775 Diamond Member

    Joined:
    Jun 12, 2010
    Messages:
    64,004
    Thanks Received:
    3,798
    Trophy Points:
    1,790
    Location:
    Kannapolis, N.C.
    Ratings:
    +4,830
    Here we come Jimmy Carter back in your area of failure.
     
  5. bigrebnc1775
    Offline

    bigrebnc1775 Diamond Member

    Joined:
    Jun 12, 2010
    Messages:
    64,004
    Thanks Received:
    3,798
    Trophy Points:
    1,790
    Location:
    Kannapolis, N.C.
    Ratings:
    +4,830
    to dispute the argument you would need some facts other than your opinion.
     
  6. CrusaderFrank
    Offline

    CrusaderFrank Diamond Member

    Joined:
    May 20, 2009
    Messages:
    81,277
    Thanks Received:
    14,924
    Trophy Points:
    2,210
    Ratings:
    +37,090
    Right. Started with an economy worse than the 7 Biblical Leans Years and didn't improve until Hitler conquered France and ended with 21% prime Rate.

    That's some track record
     
  7. Trajan
    Offline

    Trajan conscientia mille testes

    Joined:
    Jun 17, 2010
    Messages:
    29,048
    Thanks Received:
    4,751
    Trophy Points:
    48
    Location:
    The Bay Area Soviet
    Ratings:
    +4,756
    the "_________" theory that got us here, gave us a few decades of grace beyond Europe which had to catch up to us, THEN beat us to the abyss some 25 30 years ago. Now? its our turn in the barrel.
     
  8. Dragon
    Offline

    Dragon Senior Member

    Joined:
    Sep 16, 2011
    Messages:
    5,481
    Thanks Received:
    578
    Trophy Points:
    48
    Ratings:
    +579
    Not a problem.

    1940-1980, top marginal tax rates ranged from 70% to 93%. Support for unions and workers' rights was strong, and union membership ranged from the mid-20 percent of the work force to a high of 39%.

    1981-present, all that was reversed; Reagan dropped top marginal taxes to 50% his first year in office and, in 1986, revised the tax code to flatten it. Top marginal taxes have ranged from 35% to 39% since then. Support for unions dropped dramatically (actually this began in the Carter years, but got worse under Reagan); rate of illegal firings in union elections increased from 8% or less to 25% or more, and union membership declined to something under 9% today, a level lower than it has been since the beginning of the 20th century.

    Would you agree that the latter does NOT represent "progressive economic policy"? And that the former does?

    From 1940 to 1980, the U.S. economy experienced average annual per-capita real GDP growth of about 4.25%. From 1980 to the present, average annual per-capital real GDP growth has been barely over two percent. The same was true for the period from 1900 to 1940, which is another time that the economy operated under conservative economic policy.

    The economy, when governed by progressive economics, outperformed what it did under conservative economics by more than two to one.

    If you require documentation of any of this I can certainly provide it, but you asked for the facts and those are the facts.
     
  9. kiwiman127
    Online

    kiwiman127 Comfortably Moderate Supporting Member

    Joined:
    Oct 19, 2010
    Messages:
    8,443
    Thanks Received:
    2,586
    Trophy Points:
    315
    Location:
    4th Cleanest City in the World-Minneapolis
    Ratings:
    +3,862
    And some wonder why Main Street America is getting more and more frustrated. This has been going on for over thirty years. It's no wonder why the working class saw a record low when in came to their share of the American overall income. If they saw a record low, who saw realized a record high?
    US corporations are saying that the reason the economy is stagnant is because consumers aren't spending. It's kinda hard to spend when you have less and less expendable income and the consumer class is the working class.
    And who determines wages in the US anyway?
     
  10. Dragon
    Offline

    Dragon Senior Member

    Joined:
    Sep 16, 2011
    Messages:
    5,481
    Thanks Received:
    578
    Trophy Points:
    48
    Ratings:
    +579
    False. The idea that Europe was flattened by World War II is untrue except as applied to Germany. Most of Britain's industry was out of range of the Luftwaffe and was never touched. France, Norway, and the Low Countries were all conquered so quickly that their industrial capacity hardly suffered at all. Italy fared somewhat worse but not that badly; Spain, Switzerland, Portugal, and many other countries were neutral and entirely untouched by the war.

    Germany was severely hurt, of course, but even German industry was fully recovered by the mid 1950s.

    We did not prosper after the war because the rest of the world was flattened. In the first place that makes no theoretical sense (it's based on "beggar-thy-neighbor," the same flawed idea as underlies mercantilism and blanket protectionism), but in addition it's based on a falsehood, because the rest of the world WASN'T flattened.
     

Share This Page

Search tags for this page

average middle class salary in 1978